Nasdaq-listed Chinese Gaming Company, The9, to Buy 26k Bitcoin Mining Machines
China-based Nasdaq-listed Internet company The9 Limited is diversifying its business with Bitcoin.
On Monday, the company announced that it had signed five legally binding Memorandum of Understanding (MOUs) with Bitcoin mining machine owners to purchase BTC mining machines.
To acquire 26,007 Bitcoin mining machines, the company will accomplish a hash rate of 549PH/S, accounting for about 0.36% of the global hash rate of Bitcoin.
The hash rate of the largest network is near its all-time high of 148.52 EH/s, while difficulty to mine BTC is at its peak at 20.82 trillion.
The9 Limited has already deployed the majority of these Bitcoin mining machines in Xinjiang, Sichuan, and Gansu in China.
For this, the company will issue a certain amount of Class A ordinary shares to each Bitcoin mining machine owner in exchange for these machines. Nasdaq-listed Canaan former Director and Co-Chairman Jianping Kong and other partners will assist The9 in developing the crypto mining business.
Its wholly-owned subsidiary NBTC Limited has started purchasing Bitcoin mining machines, “with the plan to establish cryptocurrencies mining machine facilities worldwide.”